Ethereum is currently trading above $3,050 after earlier reclaiming the $3,000 level. This rise follows a dip to $2,800 last week, marking a recent low. Even though the asset has rebounded, attention is drawn to the resistance around $3,150.

Resistance Zone in Play

Analyst Kamran Asghar shared a 4-hour ETH chart indicating that the price is moving towards the $3,150–$3,200 range, which has been a resistance in previous rallies.

"$ETH approaching a major resistance zone. Rejection could send price back toward the broader support area." — Kamran Asghar

Notably, this chart suggests a potential rejection from the resistance zone, which may send ETH back toward the $2,750–$2,800 support area. Although ETH is presently trending upward, this resistance could hinder its momentum.

Moreover, Lennaert Snyder has proposed two setups from the current structure, with one option being a retest of $3,000 as support before continuing the upward trend.

“The aggressive play is a resistance/support flip of ~$3,000,” Snyder stated. “I’m willing to long there if we show a clear reversal after retesting.”

On another note, he suggested a more cautious approach, proposing to wait for a return to $2,870 as a potential long entry point or considering a short if ETH drops below $2,970.

Price Structure Below Key Moving Average

Ethereum remains below the 200-day EMA, which is currently around $3,400. Analyst Altcoin Sherpa likened the current 30-day range to a prolonged consolidation phase experienced in late 2023, characterized by slow recovery and low trading volume.

Whale Activity and Network Signals

CryptosRUs reported that wallets with more than 10,000 ETH have been increasing their positions since July, usually opting to buy during price dips.

“These types of whales don’t usually accumulate during rallies,” said CryptosRUs.

In contrast, Ali Martinez disclosed that large wallets had sold off $360 million in ETH over the past week, reducing their total holdings from 5.73 million to 5.61 million since early October.

While the ETH price shows signs of recovery, it remains constrained by the moving average which affects longer-term trend changes.